PBoC delivers on cash injection promises

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The People's Bank of China (PBoC) has injected another round of cash into the country's squeezed interbank markets, but on this occasion took the unusual step of communicating it in advance.

In response to rising interest rates in the interbank market – the seven-day bond repurchase rate climbed to 9% on Monday – the PBoC yesterday provided an unspecified amount of cash to commercial banks through its standing lending facilities.

Moreover, in an official statement, the central bank committed to

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